SPY - breakdown

572 22 7
Please see the notes on the chart. Correction - it is not 50 day MA but 200 MA. Sorry.
now what?
Tug of war between bears and bulls all day before breaking for the bears in the last hour or so.
seine Will Wong
Yeap, it was very volatile. But besides the oil sector, other sectors aren't doing so bad actually. There is some noise that is pulling the overall market down. FOMC meeting will set the tone for 2015 tomorrow.
interesting on think or swims software we are sitting on top of the Darvis box sell area. it busts through that it will be a sell based on Darvis box theory
paulyberndt paulyberndt
i wish someone on trade view would program the Darvis box
seine paulyberndt
We can actually inform the admin to design the Darvis box and put it up here. That will be useful.
Thank for sharing.
The 200 MA would offer pretty major resistance and the long term charts are still bullish. We are dealing with a single news event currently. Any good news on oil or its demand and a huge lift will happen. Price needs to be below the 200 MA and the 200 MA needs to be pointing down, not up for this to be a turn for me IMO. The world is awash with interest free money and money will find its way for the best return.
paulyberndt paulyberndt
not to say your thesis wont happen but I was just giving the fundamental side of the equation. thanks for your post!
seine paulyberndt
No, i am glad you shared your opinion. That's the whole point of this platform right? :)
I do agree with that a good news about oil will drive the market up. However, given that no one in the world is willing to cut production, oil can only go to 40.
Opec is trying to drive the American shale oil production to the ground. Shale oil needs a higher oil price to break even. Saudi's infrastructure is already there. Let's see where this takes us.
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